Domestic firms outpace foreign invested peers in exports growth hinh anh 1Workers process shrimp for export at the factory of the Camimex Group in Ca Mau province (Photo: VNA)

Hanoi (VNA) – Exports by domestic businesses have increased at a faster pace than that by foreign invested ones between January and October, according to the General Statistics Office (GSO).

Over the period, Vietnam records about 427.05 billion USD in trade turnover, with a surplus estimated at some 7 billion USD.

The total turnover includes more than 217 billion USD in exports and 210 billion USD in imports, respectively rising 7.4 percent and 7.8 percent year on year.

The GSO highlighted a noteworthy point that the domestic sector is gradually gaining its foothold when it posted an export growth rate of 16.2 percent, much higher than the 3.9 percent by the foreign invested sector.

Additionally, exports by domestic businesses accounted for 30.7 percent of the total export revenue in the 10 months, up 2.3 percentage points from the same period of 2018.

The US remains the largest market as it purchases 49.9 billion USD worth of goods from Vietnam over the 10 months, up 26.6 percent from a year earlier, data show./.